British Virgin Islands

The British Virgin Islands has a robust legal and regulatory framework which offers a seamless approach to the formation of captive insurance companies. The BVI Financial Services Commission along with the highly qualified insurance sector service providers are well placed to meet the varied needs of those considering efficient and timely captive formation.

[Last updated: 21/07/16]
Regulatory contact:
Mr. Stanley A. Dawson, Sr., Director, InsuranceMr. Stanley A. Dawson, Sr., Director, Insurance
Address of regulator Pasea Estate, Road Town, Tortola, BVI
Telephone Number 284-494-1324 Ext. 4721
Email Address dawsons@bvifsc.vg
Website www.bvifsc.vg

Name of Captive Legislation                       
Insurance Act, 2008
Insurance Regulations, 2009
Regulatory Code, 2009

Year Legislation Passed                                                 
2008

Recent Amendments                                      
Amendments to the legislation are expected to come into force in the Quarter 3 2016.  Some key features of the amendments include:

  • Two new categories of licenses:
  • Category E – Pure captive carrying on related party business only;
  • Category F – Captives writing related party business with a maximum unrelated party (third party) business in order to qualify as an insurer for any purpose under the laws of a foreign jurisdiction.
  • Removal of the strict arrangement between general and long-term insurance i.e. strictly segregated and classified – will be classified as property and casualty or life and health. The Commission also retains the right on a case by case basis to issue a license to an insurer to carry on both.

Do you allow Cell Captives?                        
Yes

Total Number of Licenced Captives 
Captives – 139 (including 3 Segregated Portfolio Companies (SPC’s) with 15 Cells)


Number of Cell Captives
3 SPCs with 15 Cells

Number of licences granted in the past year (2015 calendar year)
6

Approximate (or Average) length of time to process a new captive
 3 – 4 weeks

Captive tax rates 
N/A – BVI has no corporate income taxes or premium taxes

Minimum capitalisation rate 
General Insurers              $100,000
Long-term Insurers         $200,000

Licencing fees 
Initial fee                             $3,500
Annual renewal                $3,500

Licenses are perpetual until cancelled or revoked.

Industry sectors best represented in the domicile
Healthcare, Automotive, Construction, Distributors and Manufacturing

Top 5 uses for captives in domicile
Workers Compensation, General Liability, Medical Liability, Other Professional Liability (D&O, E&O), Warranty 

Total premiums received by the Captives
U.S. $456,794,037.00

Captive Insurance Managers registered to conduct business in domicile
The List of captive Insurance Managers registered are on the Financial Services Commission’s website www.bvifsc.vg or by clicking on the following link http://www.bvifsc.vg/en-us/regulatedentities/insurance/insurancemanagers.aspx